Search Now

Recommendations

Thursday, July 17, 2008

Market zooms 536 points


Overcoming sustained selling pressure of the past five sessions, the Bombay Stock Exchange benchmark Sensex surged on Thursday by over 530 points to regain the 13k level with buying activity picking up on strong global cues and easing of crude oil prices.

The 30-share BSE barometer, which has lost nearly 1,350 points in past five trading sessions, gained 536.05 points at 13,111.85 points today.

It touched the day's high of 13,150.35 and a low of 12,843.79 points.

Market breadth was impressive with 28 stocks out of 30-scrip Sensex ending in green while two stocks -- Ranbaxy Labs and Tata Steel-- closing in red.

National Stock Exchange index Nifty also shot up by 130.50 points at 3,947.20, after hitting a high of 3,968.75 and a low of 3,823.15 points.

Marketmen said buying activity picked up following reports of crude oil falling from record high levels and global stock markets surging.

With crude oil prices easing, most of refinery stocks, led by Reliance Industries, recorded fresh gains.

Crude for August delivery fell three per cent in New York after the US Energy Department showed an unexpected gain in supplies as fuel demand slowed.

Asian markets rallied mirroring the gain in US stocks. Hong Kong, Tokyo, South Korea and Singapore exchanges closed with handsome gains.

Capital goods sector index gained the most by 601.48 points at 10,762.01, followed by banking index by 327.36 points at 5,727.60.

Oil and Gas index rose by 263.69 points at 8,852.08, realty index by 208.90 points at 4,428.02, auto index by 141.29 points at 3535.78, IT index by 108.22 points at 3675.20, power index by 92.89 points at 2302.77, PSU index by 113.97 points at 5866.67, FMCG index by 44.48 points at 1941.94, tech index by 80.30 points at 2864.80 and consumer durable index by 49.37 points at 3440.60.

Healthcare gained 4.87 points at 3976.28 as most of the gains in the sector were pulled down after the segment leader Ranbaxy Laboratories fell Rs 18.50, 3.93 per cent to Rs 452.20 on some negative reports.

Midcap index gained 67.06 points at 5155.34 and smallcap index by 62.67 points at 6387.12.

However, Metal index fell by 238.62 points at 11697.30 as the segment majors Jindal Steel, Sterlite and Tata Steel fell sharply on profit selling.